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DIFC Regulator Amends CIF Rules

by Lorys Charalambous,, Cyprus

15 February 2016

The Board of the Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre (DIFC), has enacted changes to the regime for Collective Investment Funds, which came into force on February 1, 2016.

Amendments have been made to the Rules for Property Funds, to simplify the current regime and align the DFSA's regime better with international standards, while still catering to specific features of the DIFC market. Key changes are to the valuation and Related Person transaction requirements, as well as amendments to the borrowing limits, investment restrictions, and custody requirements for these funds.

The DFSA has also introduced a framework for the regulation of Money Market Funds (MMFs) – investment funds that typically invest in a diversified portfolio of high-quality, low-duration, fixed-income instruments. The Rules define what structure an MMF can have, and set out specific requirements for the liquidity, credit quality, and other features of allowable investments for MMFs and Islamic MMFs.

Ian Johnston, Chief Executive of the DFSA said: "The DFSA continues to work with stakeholders to improve the regulatory environment. These new Rules provide clarity and certainty to fund managers and give greater flexibility to those operating Property Funds."

The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

TAGS: United Arab Emirates | environment | tax | investment | tax incentives | law | investment funds | standards | regulation | trade | individual income tax | Dubai | free trade zone | Investment | Invest | Investment

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